How does Millbrook manage it?

What is it that makes Millbrook such a wonderfully desirable place to buy a section right now when much of the rest of the guilt-edged real estate market seems to have caught a nasty disease?

Surely not just because Bill Clinton played there.

But confirmed sales for December saw $8.8 million worth of Millbrook real estate go to what Millbrook executive Ben O'Malley says were keen buyers.

Three sections sold, along with two Millbrook cottages and a luxury "fairway home."

Some were to overseas investors.

Mr O'Malley said the sales were evidence that people are prepared to pay a premium for the quality that Millbrook offers. Some of the sections were "re-sales" where the latest buyer has paid as much as 20% over and above what the previous owner paid. He said the lower exchange rate and lower interest rates had been factors in attracting overseas buyers.

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"Guilt-edged"! Excellent.

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maybe, $8.8 million of mostly re-sales, and one new fairway home? What about the March 2008 launch of 200 planned sections priced between $2.5m and $3m that were to glean Millbrook $500 million, 13 of the fairway sites were "publicly released" for sale. It appears one has sold.
18 March 2008
13:36
Scoop.co.nz
English
Copyright 2008, scoop.co.nz All Rights Reserved.

Media release from Millbrook West

Tuesday 18 March 2008

Properties release a public ‘first’ for Millbrook West

Millbrook West has announced the first public release of home and land packages at its $500 million residential and golf course development at New Zealand’s five-star Millbrook Resort.

The 13 elegant and spacious three and four-bedroom properties at Coronet Square, in the heart of the exclusive new development, will be encircled by the fairways and greens of Millbrook’s brand new Coronet Nine golf course.

Previously 25 Millbrook West land-only sites, released solely to Millbrook Country Club members, sold in December 2006 and July 2007 in one of the fastest land grabs in the history of Millbrook development. Total sales came to just over $31 million with the majority of sites bought by Kiwis, many of them existing Millbrook property owners.

The unprecedented level of interest in Millbrook property isn’t surprising to Ben O’Malley, the resort’s property and development manager.

“It’s a huge compliment to Millbrook in general and more specifically to the Millbrook West design team for the master plan they’ve come up with.

“There’s a lot of competition out in the market but people do recognise the value of Millbrook. You can’t replicate 150-year-old trees or original stone buildings or the sense of real camaraderie between those who like to work, live and play here,” he said.

The 13 sites being released are all on sunny, elevated North-facing slopes overlooking the new and existing golf courses, some with views of Lake Hayes, and all with panoramic 360 degree views to Coronet Peak, Cecil Peak, Walter Peak, Bowen Peak, the Crown Range or The Remarkables mountain ranges.

To offer more choice, there will be a mix of three and four bedroom houses with one bedroom on the ground floor to cater for the elderly or people with mobility issues. The four most elevated homes will have a guest suite above the garage, sleeping up to six.

Designer Haden Emslie has combined his talents and attention to detail with kitchen and bathroom designer Ingrid Geldof Design, one of New Zealand’s most awarded design companies.

Features include double garaging, ski drying cupboards, fitted joinery, solid construction, energy efficiency and a comprehensive heating and water heating system. Each house will be fitted out with the latest appliances and high quality fittings, including a full home entertainment system.

The carefully considered landscape design by Paddy Baxter is one of elegant simplicity with dry stacked stone walls, paving, block planting and an expansive ‘infinity’ lawn running to the edges of the golf course.

Millbrook has strict design controls in place on the land to ensure consistent high standards of style and design for developments at the resort.

The Coronet Square master plan incorporates the history and natural features of the site including rock outcrops, water races, hand stacked schist walls, wetlands and Mill Stream, which meanders the length of the resort.

Designed to retain Millbrook’s understated and elegant style of architecture, with strong references to Central Otago gold mining and farming history reflecting the rural tranquility of the site, each home maximises outlook and privacy.

The position of each of the homes has been carefully thought through with each site fanned in a ‘koru’ shape overlooking the first and third fairways and greens.

More than 95% of Millbrook West will be open or green space, with walking trails connecting Queenstown and Arrowtown.

For more information visit www.millbrookwest.co.nz .

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I have a holiday home in Queenstown and regularly visit Millbrook. They seem to be the only resort develpment in NZ that have got it right. They aren't always perfect but the offer the package There are not many places in NZ where a family can holiday and a lot of the hassle of daily life for the parents is taken care of. That is particularly why woman like going there as they often get lumped with this hassle. There is also the entertainment away from golf like the tennis, mountain biking, pool, hot pools, gym and spa treatments on top of an ok selection of restaurants. All the other golf course resorts have not understood this and just offer golf and a few other extras. Terrace Downs is a classic example. It is rare to find families that all like golf. Also a great asset for Millbrook is being so close to arrowtown, unlike Jacks Point. Millbrook will continue to command a premium.

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Jacks Point will leave Millbrook in the dust in the near future. Both great places but Jacks Point is something special in the making!

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shabby-edged

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It might be good PR but it doesn't stack up. As the previous post points out, there are scores of Millbrook sections for sale, as well as quite a number of existing villas that have failed to find buyers. Millbrook is definitely a class act, but to suggest, as this article presumaby does, that it is somehow immune to the greater forces at work, is total tosh.

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WE looked at them and asked for figures and costs - the salesman said 'look - people buy these who have lots of money - its a lifestyle choice not a capital gain or % return investment. Yes - you have to pay more to join the Golf club'

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